Cyberwrite Research for Mastercard Shows: Cyber-Attacks on Israeli Local Municipalities May Lead to an Aggregated 4.5B ILS in Damages
Cyberwrite, in collaboration with Mastercard, shared insights from a recent cyber-risk financial impact research which reveals that cyber-attacks on local municipalities and regional councils in Israel may lead to aggregated damages estimated in 4.5 billion New Israeli Shekels.
Cyberwrite, a leading cyber risk modeling firm which is specialized in the quantification of financial damages caused by cyber-attacks, has utilized its technology to collect open-source intelligence and model the cyber risk municipalities are exposed to using its proprietary AI algorithms. Cyberwrite has recently been selected to participate in the Start Path, Mastercard’s award-winning startup engagement program and is providing its technology to businesses worldwide. The company’s solutions and technology are simple to use and involve zero-integration.
As part of this collaboration, Cyberwrite generated cyber-risk reports for 251 local municipalities and regional councils in Israel which include risk benchmarking and financial damage estimation for different risk types. The study found that 5 of Israel’s largest cities are exposed to potential aggregated damages valued at 650M ILS. The financial damages stem mainly from risks such as theft of residents' information, loss of information records, digital theft, disabling public services and more.
The study also found that user login credentials of Israeli local municipalities’ employees and contractors were commonly found on the dark web. Municipalities are the first on the list with an average of 17 stolen user credentials, while regional councils had an average of 11 credentials found online.
Nir Perry, Cyberwrite's CEO, mentioned that: "Municipalities in the United States and Europe are subject to constant cyber threats. In the first nine months of 2019, over 600 successful cyber-attacks on municipalities and urban authorities in the United States were identified. This is a global trend that is likely to affect municipalities world-wide and the privacy of their citizens alike. Many municipalities are also purchasing cyber insurance policies to cover some of the damages in case of a cyber incident.”
Omer Unger, Mastercard’s Israel manager, said: "Mastercard is expanding its cyber services to provide its global customers with the best and most innovative services. This is achieved by collaborating with Israeli Cyber companies, by the global acquisition of cyber companies, and through the establishment of cyber centers around the world, such as The Cyber Centre in Vancouver, Canada, which was announced by Mastercard in collaboration with the Canadian Government during last week’s World Economic Forum."
Founded in 2017 by cyber risk and insurance industry veterans, Cyberwrite is a leading technology provider enabling businesses world-wide to quantify their financial exposure to cyber risk using proprietary AI algorithms. Using the Cyberwrite solution, companies can predict their potential financial exposure to cyber-attacks and benchmark it to industry peers. Cyberwrite is backed by Austrian VC firm Speedinvest as well as by Silicon Valley based 500 Startups and Plug & Play Ventures. The company has offices in the US and Israel. Visit Cyberwrite at www.cyberwrite.com.
Mastercard (NYSE:MA), www.mastercard.com, is a technology company in the global payments industry. Its global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow Mastercard on Twitter @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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